Madoff Trustee Irving Picard: Let Madoff's Sons Go Bankrupt (VIDEO)

The man in charge of unwinding Bernie Madoff's massive Ponzi Scheme appeared on 60 Minutes last night, in one of his first major public appearances. (Scroll down to watch the segment)

Sitting down with Morley Safer, Irving Picard and his chief counsel David Sheehan focused squarely on Madoff's two sons, Mark and Andrew. In a segment ominously called "The Liquidator," Picard said Madoff's sons used the company accounts like their "personal piggy bank" and took home over $80 million in compensation from the Madoff scam over the last seven years. In total, Picard and Sheehan are looking to recover $198 million in compensation and loans given to Madoff's sons over the years.

Mark and Andrew Madoff, for their part, are actually maintaining that they're owed $90 million from their father's failed company.

Here's CBS News:

Asked if the brother and sons did know, Sheehan said, "My belief is, yes, they knew. And the reason I believe that is they were officers of this, of these companies, and directors in certain instances as well, and also compliance officers in a very highly regulated environment. So, I think clearly they would have to have known what was going on given their own personal transactions, the longevity of what was happening, and the responsibilities as officers of the company."

Madoff's sons and brother also had accounts with Bernie, and their returns were simply spectacular. "There's sort of an extraordinary event with Peter, his brother. After 1995, we only see him putting $14 in and he took out over $16 million. We have to take a hard look at that," Sheehan explained.

And there's Mark and Andrew Madoff, who Picard says withdrew over $35 million from accounts that were opened with little or no original investment.

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"If they turn out to be untouchable criminally, do you intend to bankrupt them civilly?" Safer asked Picard.

"Whether or not they have a criminal problem, we will pursue them as far as we can pursue them. And if that leads to bankrupting them, then that's what will happen," he replied.

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Comments

[martin2]

A friend was arrested at home for stealing a $20 watch, it was a case
of mistaken identity he still send a night in jail. What a contrast to the
way Madoff's family is treated.

[balancedsolution]

I find it difficult they didn't know what was going on.

Well let's just say they "made off" with a LOT OF $$$$ all these years.

Now it's time to get back to working. Hopefully these guys can get a job at UPS or an AT&T store.

[tvtv]

the 60 Minutes piece was the laziest investigative journalism in the show's history. And I've been a fan for decades.

[truthmatterstoo]

they deserve to all go to he.ll

[outnow]

The little darlings shouldn't have a hair on their heads touched.

[sloreader]

Looks like a serious case of swine flu!

[US1st2009]

coconspirator - a member of a conspiracy

conspirator, machinator, plotter

confederacy, conspiracy - a group of conspirators banded together to achieve some harmful or illegal purpose

criminal, crook, felon, malefactor, outlaw - someone who has committed a crime or has been legally convicted of a crime

apologists = must be madoff investors or just wall street brokers since many aricles and research documents say the investors were fighting to "get in with bernie. it's a sure thing."

prosecute, CLAWBACK, and prision for these financial terrorists

[ILuvBubbles]

"Picard said Madoff's sons used the company accounts like their "personal piggy bank"" all the while their father used other peoples accounts and savings like his personal piggy bank.

[chayefsky]

Bring back the chain gangs.

[ILuvBubbles]

The rich NEVER served on chain gangs.

[truthmatterstoo]

Everyone that was associated with this crime need to be shunned and humiliated , anyone that even does anything with any member of these associated firms.....Society must punish everyone that cooperated with helping hide this money.

[truthmatterstoo]

The entire Madoff crime Family should be in prison.

[SwingingFromCenter]

The law will protect the sons for a myriad of reasons. This guy can try to sue them, but ultimately he's going to end up paying THEIR attorney fees.

[bud812]

Hey i have an idea lets give them a warning so they can hide thier assets!

[tbirdalum]

Makes no difference. They've been hiding the billions for years in foreign and off-shore bank accounts in names other than their own. You've got to act like a crook to catch one. You've got to think like a crook to catch one. You investigators have got to get out of the offices and start doing your leg work to finalize this crap. You've squandered too much time already. Track their past movements and bring the money home. What kind of bird-dog fee are you offering? I could use a little spare money. Get in touch with me at HuffPo as tbirdalum.

[JBS]

The ones who really made out like bandits already have their assets well hidden. Trust me.

The sons, the brother, the wife ... the major financial players, who funneled funds to Madoff, all already have their stolen money well hidden.

But you have to remember about half of the $68 Billion that was lost is an illusion. It was pretend profits from Madoff's "investment". So first of all, it's really $36 billion.

And half of that $36 billion was paid out to "investors" like Picower, Chais, and Fairfield Greenwich's Noel and his wife & kids along with their spouses.

[blindhog]

There were many who made off with other peoples' money. Those who did, should be made to give it back.

[textynn]

These people deserve nothing.